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Wavin to slash further 165 jobs

Plastic pipe manufacturer Wavin will reduce its UK headcount by a further 165 employees.

This follows 200 job cuts at the firm that were announced in Octoberand which also mainly affected the UK.

Post job cuts, Wavin will have approximately 1,200 staff based in the UK.

This UK reorganisation is part of the restructuring programme indicated in the company’s December 2008 trading update which will lead to annualised savings of around €15 million against non-recurring charges of around €14 million, said the company.

Wavin also said its 2008 revenue was in line with the December statement at €1,580 million and its earnings before interest, taxes, depreciation and amortisation margin of around 10 per cent was 3 per cent below the 2007 level.

It added that net debt had been reduced to approximately €465 million at year end 2008, compared to €542 million at year-end 2007.

The company said weakening non-euro currencies in the last weeks of 2008 further contributed to its debt reduction.

In July last year Wavin bought underfloor heating specialist Warmafloor.